President Trump believes that China would have suffered more harm than the U.S. in a prolonged trade war, and lowered tariffs on Chinese imports to 30% from 145% and Chinese tariffs on US goods to

The temporary lifting of triple-digit trade levies between China and the U.S. while trade talks get under way removes the threat of an immediate stagflationary hit to the economy. This is very good news.

Trump said the agreement affirms "reciprocity and fairness is an essential and vital principle of international trade."